Highlights:
Revenue of € 4,431million; organic growth +5.6%; gross profit up +6.7%
Underlying EBITA increased organically by 19.4% to € 153.1 million; underlying EBITA margin up from 3.1% to 3.5%
Adjusted net income increased from € 80 million in Q1 2014 to € 91 million
Topline in Europe improved; We closed the gap to the market in The Netherlands and France; stable trend in North America
DSO improved to 51.5 (from 51.8 in Q1 2014); leverage ratio remains at 0.5
Gross margin up 30 bp; Perm fees up 16%, now 11.3% of Gross profit (vs.10.0% last year)
Organic incremental conversion ratio of 67% over L4Q
Randstad Award: largest employer branding study in the world, covering 22,500 companies in 23 countries
Global Sourceright (MSP/RPO) business grew 18%
“The gradual recovery in Europe is reflected in our results, while we have also closed the gap to the market in both the Netherlands and France, ” says Jacques van den Broek, CEO of Randstad. “This is the result of the drive and commitment of our people and the successful execution of Activity-Based Field Steering. I want to congratulate all my colleagues on taking this step toward achieving our ambitions: becoming a strategic partner for our clients, resulting in profitable growth across our markets.”